Tuesday, September 8, 2015
Waypoint Launches Capital-Markets Financing
Waypoint Leasing has launched its capital-markets financing with the private placement of $200 million in senior secured notes, the company said. One of the largest independent global helicopter leasing companies, Waypoint said it would use the proceeds to expand its business and free up secured, revolving credit. It offered the seven-year notes to "a select group of leading institutional investors from top life insurance and pension companies," the company said. Waypoint's scale and credit rating made its first capital-markets transaction possible, said CEO Ed Washecka. CFO Alan Jenkins said the transaction adds longer-term financing to the company's debt profile and further reduces its cost of capital, "a benefit we bring to our helicopter operators." This transaction brings Waypoint's total debt commitments to more than $1.3 billion. With previously announced equity commitments, its total financing is more than $1.75 billion. Waypoint's acquired fleet includes 108 aircraft operating in 25 countries, with total assets of $1.3 billion.